U.S. FIRST TO MARKET

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U.S. FIRST TO MARKET

North America Equity Research

U.S. First to Market 04 August 2026

Top Stories

AFL | | US Retailing (Matthew R. Boss, CPA)

Boss’ 2Q Global Brands Preview - Selective Setup; Downgrade PVH to Underweight

Ahead of calendar-2Q26 EPS across our Global Brands coverage kicking off this week - we thought value-add to outline key

takeaways from our recent management/industry access, fieldwork, and company specific model builds. In addition, herein we

rank order relative upside/downside versus current Consensus for FY28 EPS power & establish December ’27 price targets

across the Global Brands leveraging our valuation regression framework.

| NIKE, Inc. (Matthew R. Boss, CPA) (NKE, UW)

Mgmt Access & Fieldwork = 2H27 & FY28 EPS ~20% Below Consensus; Downgrade to Underweight

I. “Win Now” Decisions Made Through CY26 = Financial Impact In 2H27 & Into FY28 . A key clarification from our recent

mgmt access (& filings) - the financial impact of “Win Now” decisions made through the end of calendar year 2026 will linger

and impact NKE’s P&L in 2H27 and into FY28. Recall, “Win Now” was initially launched in December ’24 under CEO Hill

(post CEO hire in Oct 24) as a set of priorities to (i) refocus NKE’s culture on Sport & growth, (ii) create emotional connections

with consumers with distinct storytelling behind the NKE brand, (iii) accelerate an innovative product portfolio across fields of

play, (iv) elevate and grow the marketplace, and (v) win on the ground with localized connections. Importantly to address these

priorities, management has made changes across the leadership team, business structure (shifting to the Sport-Offense

construct vs. Gender construct prior), supply chain, and marketplace.

CNH Industrial (Tami Zakaria, CFA) (CNH, UW, PT $10.00)